iQIYI Announces First Quarter 2026 Financial Results

iQIYI, Inc. announced its unaudited financial results for the first quarter ended March 31, 2026. Total revenues decreased by 13% year over year to RMB6.23 billion (US$902.5 million). The company reported an operating loss of RMB228.4 million, a significant decrease from the operating income of RMB341.9 million in the same period of 2025. Non-GAAP operating loss was RMB148.6 million, compared to a non-GAAP operating income of RMB458.5 million in Q1 2025. Net loss attributable to iQIYI was RMB294.6 million, compared to a net income of RMB182.1 million in Q1 2025. Non-GAAP net loss was RMB234.4 million, compared to a non-GAAP net income of RMB304.4 million in Q1 2025. The company repurchased US$207.8 million of its 6.50% convertible senior notes due 2028 and has repurchased US$8.0 million of ADSs under its share repurchase program. Management cited a lighter content slate and advertiser strategy adjustments as reasons for the revenue decrease, while also highlighting efforts to leverage AI for cost reduction and efficiency. The company also announced a proposed listing on the Hong Kong Stock Exchange.